MIRA INFORM REPORT

 

 

Report Date :

18.02.2012

 

IDENTIFICATION DETAILS

 

Name :

POWER ENGINEERING PVT LTD

 

 

Registered Office :

G Sheen Neolo Faru Higun, Male

 

 

Country :

Maldives

 

 

Date of Incorporation :

12.04.2000

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trader of Electrical Equipment & Appliances

 

 

No. of Employees :

10

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 5,000.00

Status :

Small company

Payment Behaviour :

No complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Maldives

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

REGISTERED NAME & COMPANY SUMMARY

 

Organization Name

:

POWER ENGINEERING PVT LTD

Address

:

2Fl Ma Rangiri Rahdhebai, Magu, Male

Country

:

Maldives

Phone (S)

:

[+960]-3335695

Facsimile

:

[+960]-3335696

Email

:

info@power.com.mv

Website

:

http://www.power.com.mv

Primary Business Activity

:

Trader

Key Industry

:

Electrical Equipment & Appliances

 

Key Facts

 

 

 

 

 

Registered Legal Address

:

G Sheen Neolo Faru Higun, Male

Operational Address

:

2Fl Ma Rangiri Rahdhebai, Magu, Male

Issuing Authority

:

Ministry of Economic Development - National

License Number

:

C-0108/2000

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Private Limited

Legal Form - Abbreviation

:

PVT LTD

Operational Status of Business

:

Normal

Date of Registration

:

12 Apr, 2000

Employees

:

10

 

 

 

CREDIT RECOMMENDATION

 

Current Credit Limit: USD 5,000.00

 

 

DIRECTORS/MANAGEMENT

 

 

COMPANY MANAGEMENT

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Ahmed Niyaz

Maldivian

Managing Director

-

2

Ms. Aminath Shihab

Maldivian

Administrator

-

 

Management Details - 1

Personal Unique Identifier

:

MI03079284

Name

:

Mr. Ahmed Niyaz

 

 

Management Details - 2

Personal Unique Identifier

:

MI03080742

Name

:

Ms. Aminath Shihab

 

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03079287

Name

:

Mr. Ahmed Latheef

Nationality

:

Maldivian

2

 

 

Personal Unique Identifier

:

MI03079284

Name

:

Mr. Ahmed Niyaz

Nationality

:

Maldivian

 

Based on corporate statutory laws /regulations in Maldives, there is no requirement for public disclosure of Director. In this case, the Director information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

 

 

Reference checking for the purpose of establishing the POWER ENGINEERING PVT LTD's reputation within the respective industry failed to reveal any adverse information.

 

ADVERSE DATA MONITORING

 

 

 

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Capital

:

n/a(1)

Note

:

(1) Not applicable.
According to the corporate statutory laws for this type of Legal Form - Category(Private Company with Limited Liability) in Maldives, there is no requirement for Authorized Capital.

 

SHAREHOLDERS

 

 

Total number of shareholders

:

2

Total number of shares

:

n/a

 

No.

Shareholders

Country

Shares

Number

Amount

%

1

Mr. Ahmed Latheef

Maldives

n/a

n/a

n/a

2

Mr. Ahmed Niyaz

Maldives

n/a

n/a

n/a

Total

n/a

n/a

n/a

 

Based on corporate statutory laws /regulations in Maldives, there is no requirement for public disclosure of Shareholders. In this case, the Shareholder information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

 

PAYMENT INFORMATION

 

 

PAYMENT TERMS

 

Selling

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

 

Purchasing

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Na

 

 

 

FINANCIAL INFORMATION

 

 

FINANCIAL STATEMENT - DETAILED

 

Based on the corporate laws of Maldives, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity.

 

 

FOREIGN EXCHANGE RATES

 

Na

 

 

ADDITIONAL INFORMATION

 

Report Details

 

 

Country

:

Maldives

Business Entity Name

:

POWER ENGINEERING PVT LTD

Primary Business Activity

:

Trader

Primary Industry

:

Electrical Equipment & Appliances

Office Contact Details

Operating Address

:

2Fl Ma Rangiri Rahdhebai, Magu, Male

Tel

:

[+960]-3335695

Fax

:

[+960]-3335696

Email

:

info@power.com.mv
latheef@power.com.mv

Website Details

Website

:

http://www.power.com.mv

Status

:

Normal - operational

Country of Registration

:

Maldives

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

 

Primary Products

Products / Materials / Services Description

Activity

Control panels

Importing, Trading

Electrical accessories

Importing, Trading

Electrical equipments

Importing, Trading

Generator spare parts

Importing, Trading

Generators

Importing, Trading

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Electric motors, generators, generator sets, rotating converters, and parts and accessories, nspf

3621

Importing, Trading

Electrical equipment and supplies, nspf, and parts, nspf

3699

Importing, Trading

Nonferrous metal wire and cable, drawn and insulated

3357

Importing, Trading

Res Electric Lighting Fixtures

3645

Importing, Trading

Services, NEC

8900

Service

Switchgear and switchboard apparatus, and parts, nspf

3613

Importing, Trading

Transformers, and parts, nspf

3612

Importing, Trading

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Boards, panels etc with elec switch appar etc.

8537

Importing, Trading

Business services, health, financial/insur. legal/real estate, hotels, and misc repairs

9900

Service

Electric transform, static converters & induct, parts

8504

Importing, Trading

Electrical apparatus for switching etc, n/ov 1000v

8536

Importing, Trading

Electrical apparatus for switching etc, ov 1000v

8535

Importing, Trading

Insulated wire, cable etc; opt sheath fib cables

8544

Importing, Trading

Lamps & lighting fittings & parts etc

9405

Importing, Trading

Switchgear & switchboard assemblies for a voltage exceeding 1,000 v

8537200020

Importing, Trading

Switchgear assemblies and switchboards for a voltage not exceeding 1000 v

8537100020

Importing, Trading

Transformers, unrated

8504312000

Importing, Trading

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

Products / Materials / Services Description

Ranking

Activity

Lighting fixtures

Primary

Importing, Trading

Lightning protection system

Primary

Importing, Trading

Metering panels

Primary

Importing, Trading

Power cables

Primary

Importing, Trading

Power transformers

Primary

Importing, Trading

Ring main units

Primary

Importing, Trading

Street lighting system

Primary

Importing, Trading

Switchboards

Primary

Importing, Trading

Switchgear

Primary

Importing, Trading

Commissioning

Secondary

Service

Contracting

Secondary

Service

Electrical consultancy

Secondary

Service

Installation

Secondary

Service

Maintenance & repairs

Secondary

Service

Power factor correction

Secondary

Service

 

CORE BUSINESS DESCRIPTION

 

Core Business

 

The primary business focus of POWER ENGINEERING PVT LTD is Trading - General products.

 

Supplementary Business

 

In addition to the core business, POWER ENGINEERING PVT LTD also is engaged in the following areas of business:

Importing

Importing - Finished products

Service

Specialized professional services, including:

Installation

Maintenance & repairs

 

DOMESTIC SALES & PURCHASES

 

Annual Sales Analysis

Percentage

Domestic Sales

100%

International Sales (Export)

0%

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

70%

Imports

30%

 

LOCAL BRANCHES & MANAGEMENT

 

 

 

Branch

:

POWER ENGINEERING PVT LTD - MAGU, MALE

Branch Address

:

H Shafeegee Hiyaa Medhuziyaaraiy, Magu, Male

 

 

INTERNATIONAL TRADE : ACTIVITY & MARKETS

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

China

Medium

Importing

Korea, South (Republic of Korea)

Medium

Importing

Singapore

Medium

Importing

Sri Lanka

Medium

Importing

 

 

OFFICE & FACILITIES

 

Name

:

POWER ENGINEERING PVT LTD - MAGU, MALE

Address

:

2Fl Ma Rangiri Rahdhebai, Magu, Male

Country

:

Maldives

Status

:

Operational

 

 

NOTES & COMMENTS

 

Na

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.21

UK Pound

1

Rs.77.75

Euro

1

Rs.64.58

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.